PT Victoria Investama Tbk

VICO.JK

Investment - Banking & Investment Services · Financial Services

Exchange

Indonesia Stock Exchange

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Strong

Growth

Mixed

Cash Flow

Strong

Stability

Weak

Valuation

Good

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Winston Score History

The full picture

PT Victoria Investama Tbk is an Indonesian financial services company that operates in investment banking, securities brokerage, and asset management. It helps businesses raise money, assists investors in buying and selling stocks and bonds, and manages investment funds on behalf of clients. The company is listed on the Indonesia Stock Exchange and operates primarily within Indonesia's domestic capital markets.

The company earns money through fees and commissions from brokerage transactions, advisory services, and fund management. It is a relatively small player in Indonesia's fragmented financial services industry, competing against larger domestic banks and well-established securities firms. A 70% gross margin reflects the asset-light nature of its fee-based business, though a low ROIC of 2.4% suggests the company is not yet generating strong returns on the capital it deploys. The key growth driver is Indonesia's expanding middle class and rising retail investor participation, but the main risk is intense competition from larger, better-capitalized financial institutions.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+42.5% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

-82.3% YoY

YoY Growth Rate

Earnings declining

Insider Activity

67.1%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

24.8T IDR cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Revenue accelerating

PT Victoria Investama Tbk grew revenue 42% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

58.5%

Premium pricing power — 58.5% gross margin

Profit after running costs

Operating Margin

38.5%

Excellent — 38.5% operating margin

Return on the money invested

ROCE

9.8%

Below par — 9.8% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

+9.5%

Steady sales growth (+9.5% YoY)

Profit growth

EPS YoY

-67.1%

Earnings shrinking (-67.1% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is

EPS Consistency

5/8 quarters

Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash

Cash Conversion

180%

Turns 180% of profit into real cash

Spare cash per sale

FCF Margin

8.9%

Modest free cash flow (8.9%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns

Debt / Equity

2.17

Heavy debt load (2.17)

Covers its interest

Interest Cover

1.22x

Dangerous — barely covers interest (1.2x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

Price vs profit

P/E Ratio (TTM)

14.9x

no trend

Attractive valuation — P/E 14.9

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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